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Do Oil Prices Directly Affect Stock Markets:Evidence from Istanbul Stock Exchange


  • Ulaş ÜNLÜ

    (Nevsehir Üniversitesi)

  • Mert TOPCU

    (Nevşehir Üniversitesi)


The aim of this paper is to investigate the impact of oil prices on Istanbul Stock Exchange (ISE) using cointegration and causality analyses in two sub-samples: 1990:M1-2001:M2 and 2001:M3-2011:M12. Findings indicate that there is no long term and causal relationship in the first period while there is long term relationship and uni-directional causality running from oil prices to stock market in second period. Furthermore, in contrast to other oil importer countries, oil prices affect stock market positively in Turkey and the response of ISE index to the changes in oil prices is very expeditious.

Suggested Citation

  • Ulaş ÜNLÜ & Mert TOPCU, 2012. "Do Oil Prices Directly Affect Stock Markets:Evidence from Istanbul Stock Exchange," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 27(319), pages 75-88.
  • Handle: RePEc:iif:iifjrn:v:27:y:2012:i:319:p:75-88

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    Cited by:

    1. Bülent Alta & Mert Topcu & Ebru Erdoðan, 2013. "Nevsehir University, Department of Economics, Nevsehir, Turkey," International Journal of Energy Economics and Policy, Econjournals, vol. 3(Special), pages 7-13.

    More about this item


    Oil price; Stock market; Istanbul Stock Exchange;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy


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